Hello Praveen,
Just one correction in your statement -
Since you take the version from production and import it to development you dont find this version in development because you already have the latest version in development, for example if your development version is 11 and production version 9 then when you try to import the version 9 into development system will ignore this version because you already have higher version in development.
In fact, if you import version 9, you will get a Version Conflict in PI and you would need to resolve this version Conflict.
@Mahesh - If you have imported the object from Production to Dev and it is not reflected, i would check the Conflicts tab and resolve the conflict..
Regards,
Bhavesh